The Ontario Securities Commission (OSC) has revoked a cease trade order against Sunspot Capital Inc. (formerly True Zone Resources Inc.) after the company remedied its failure to file certain continuous disclosure materials as required by Ontario securities law. The original cease trade order was issued on September 30, 2015, due to the company’s non-compliance with filing audited financial statements, management’s discussion and analysis (MD&A), and related certifications for the year ended April 30, 2015.
Sunspot Capital Inc. addressed the defaults by updating its continuous disclosure filings, including annual audited financial statements for subsequent years, interim financial statements, MD&A, and other required documents. The company also paid all outstanding fees and provided assurances that there have been no material changes in its business that were not publicly disclosed.
The revocation was granted under section 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended, which allows the OSC to revoke a cease trade order if it is not prejudicial to the public interest. The decision was made after considering the application and the recommendation of the OSC staff. The company has committed to holding an annual meeting of shareholders within three months of the revocation and will issue a news release announcing the revocation of the cease trade orders.